When it comes to online casinos, players have a choice of banking methods to add cash to their casino account and withdraw winnings as well. This includes credit and debit cards, eWallets and pre-paid cards. However, with the introduction of Bitcoin, many casinos now support this versatile digital currency and permit their members to make deposits and cash out winnings as well. While PayPal is a convenient eWallet only a few casinos support this form of payment method due to several restrictions, which is why when it comes to Bitcoin vs PayPal, many choose the crypto-currency due to its endless list of advantages.
Here are some of the pros and cons of Bitcoin vs PayPal when it comes to online casino payments.
To begin with, Bitcoin does not have any database or accounts that can be hacked or leaked. On the other hand, PayPal is a common target for phishing emails. In addition, if your account is compromised it could lead to your credit card or bank account details being leaked. With the advent of encrypted wallets, Bitcoin wallets are relatively safe and secure.
PayPal has an advantage here since the eWallet has a chargeback policy where if there is any dispute your money can be made available in your account. On the other hand, Bitcoin does not support charge-backs while an exchange is required to be made from the user’s domestic currency into Bitcoins prior to funding their casino account.
For online casinos and other merchants
Since Bitcoin is digital currency no funds can be frozen or payments blocked. In addition, funds can be exchanged for domestic currency immediately, which means there is minimal exposure to fluctuations in the exchange rate.
Bitcoin offers online casino players a great deal of anonymity since transactions are not tied to a bank account or individual. Bitcoin wallets hold up to thousands of unique Bitcoin addresses which can be changed frequently. On the other hand, PayPal accounts are linked to a bank account and/or credit or debit card where you need to provide information including your name, bank account details, address etc. Therefore, these types of payments are not anonymous.
PayPal requires the use of a credit card and online access. However, Bitcoin can be sent offline via an SMS or the simplest mobile phone.
Bitcoin does not have any clearing house that monitors and controls the network. This increases security since there is no single point of failure that could happen in a DNS attack. This is one of the drawbacks of PayPal while Bitcoin holders, under a decentralized network, are free from the fear of having their accounts frozen.
While PayPal has jurisdictional restrictions Bitcoin is a transnational currency that cannot be shut off. No matter which part of the globe you are located you can still use Bitcoin to add cash to your casino account and cash out with ease as well.
When it comes to Bitcoin vs PayPal it is important to weigh the pros and cons before choosing the right online casino payment method that suits your budget and style.